Millennials feel better about their future earnings than older consumers and spend more on luxury goods.
That’s according to a survey of more than 3,000 consumers across China, Europe and the US by UBS Group AG. Eighteen to 35 year olds have contributed 85 percent to growth in the luxury market last year and will represent 45 percent of total high-end spending by 2025, according to the report published Friday.
Gucci and Louis Vuitton are millennials’ favorite brands, according to the survey and social-media data analyzed by UBS. While the intent to buy online is higher in the age group than among older consumers, physical stores continue to feature highly among preferred places to shop.
.
